Telemark Asset Management LLC Purchases 60,000 Shares of Novanta Inc. (NASDAQ:NOVT)

Telemark Asset Management LLC raised its position in shares of Novanta Inc. (NASDAQ:NOVT) by 60.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 160,000 shares of the technology company’s stock after acquiring an additional 60,000 shares during the period. Novanta makes up approximately 2.4% of Telemark Asset Management LLC’s investment portfolio, making the stock its 12th largest position. Telemark Asset Management LLC owned about 0.45% of Novanta worth $24,443,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Empowered Funds LLC bought a new stake in shares of Novanta in the fourth quarter valued at approximately $26,000. SBI Securities Co. Ltd. bought a new stake in shares of Novanta in the fourth quarter valued at approximately $97,000. Venturi Wealth Management LLC boosted its stake in shares of Novanta by 6,500.0% in the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company’s stock valued at $111,000 after buying an additional 715 shares during the period. Van ECK Associates Corp boosted its stake in shares of Novanta by 28.4% in the third quarter. Van ECK Associates Corp now owns 963 shares of the technology company’s stock valued at $166,000 after buying an additional 213 shares during the period. Finally, KBC Group NV boosted its stake in shares of Novanta by 14.9% in the third quarter. KBC Group NV now owns 1,059 shares of the technology company’s stock valued at $189,000 after buying an additional 137 shares during the period. Institutional investors own 98.35% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Robert W. Baird cut their price target on Novanta from $169.00 to $160.00 and set a “neutral” rating for the company in a research note on Monday, March 3rd.

Novanta Stock Down 1.1 %

NASDAQ NOVT opened at $134.97 on Thursday. The business has a fifty day moving average price of $146.43 and a two-hundred day moving average price of $162.07. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. Novanta Inc. has a fifty-two week low of $133.63 and a fifty-two week high of $187.12. The stock has a market capitalization of $4.85 billion, a PE ratio of 80.82 and a beta of 1.34.

Novanta (NASDAQ:NOVT) last released its earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.05. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm had revenue of $238.10 million during the quarter, compared to analysts’ expectations of $240.29 million. During the same period in the prior year, the company earned $0.63 earnings per share. The company’s quarterly revenue was up 12.5% on a year-over-year basis. Equities analysts expect that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Novanta Profile

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.